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MODIFICATION AGREEMENT I !
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THIS MODIFICATION AGREEMENT made this 25th day of April, ~
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1975, between INDIAN RIV~R FEDERAL SAVINGS AND LOAN ASSOCIATION,
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formerly FIRST FEDERAL SAVINGS AND LOAN ASSOCIA~ION OF INDIAN ;
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' RIVER COUNTY, a United States corporation, hereinafter designated !
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as the Mortgagee, and EDGAR H. KLUEPPELBERG, JR. and SHARON ~
KLUEPPELBERG, his wife, hereinafter designated as the Mortgagors, ~
WITNESSETH:
WHEREAS, Mortgagors executed a mortgage to Mortgagee on ~
property~described in said mortgage, which mortgage was dated
April 26, 1973, and recorded in Official Record Book 213, page
2567, public records of St. Lucie County, Florida, and which mort-;
gage secured the original principal amount of $22,500.00; which ;
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said mortgage provides monthly payments of $169.95 and interest at;
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the rate of 7.75 per cent per annum, and,
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~ ~ WHEREAS, there now remains unpaid on said note and mortgage~
- ~ ~ the balance of $ 22,031.29 , and,
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~Z~o~ WHEREAS, Mortgagors desire to obtain a future advance under~
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r=~o~~ said mortgage dated April 26, 1973, by Open End Note dated April ;
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`~~ao ! 23, 1975, in the amount of $6,000.00, with interest at the rate of'
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- > ~ 7.75 per cent per annum and monthly payments of $46.65, and,
! WHEREAS, Mortgagee declines to loan said future advance ; ;
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' ' unless and until the interest rate is increased on the original ~
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! : note and mortgage dated April 26, 1973, and Open End Note dated ; ~
~ April 23, 1975, from 7.75 per cent per annum to 8.25 per cent per ;
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; annum, and that in the event any payment is not made prior to the i
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20th day of the month when due, then these notes shall bear inter-;
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" est at the rate of 9.25 per cent from the date any such payment
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became due and throughout the period of such delinquency, and,
WHEREAS, riortgagee declines to loan said future advance
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note and mortgage and said Open End Note is increased to a total ;
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; ~o NOW, THEREFORE, in consideration of the premises and the ;
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' ~ granting of the future advance the Mortgagors covenant and agree ~
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` Smith, Heath 8 Smith, Attomeys At Law, P_ f~. Box 1030, Vero Beach, Florida 32960 ~ ~
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